The UK prime minister Rishi Sunak and chancellor Jeremy Hunt have confirmed £37m funding for Crown Works Studios, in the north east of England, set to be of one of Europe’s largest film studio complexes.
The funding has unlocked a £450m investment from FulwellCain, a joint venture between UK-based film, TV and music outfit Fulwell 73 and investment firm Cain International, backed by Sunderland City Council.
Hunt said last week in the spring budget that over time, the government will make up to £120m available for the development.
The aim is create 8,000 jobs in the region and to generate £336m in gross value added (GVA) a year for the regional economy.
Last week, the government announced a deeper devolution deal with the North East Mayoral Combined Authority (NEMCA) as part of the spring budget, aimed to give local leaders funding and tools to deliver local regeneration.
This includes £37m of flexible funding for the remediation of brownfield sites and acceleration of regional projects. NEMCA intends to use £25m of this funding for the prospective Crown Works Studios site.
Alongside this, the government is working towards the designation of a specific ‘growth zone’, in which north east local authorities will be able to retain 100% of business rates growth for the next 25 years, as opposed to the proceeds of local growth being redistributed, with plans from NEMCA to designate the prospective Crown Works Studios site as a ‘growth zone’.
“Crown Works Studios will help transform Sunderland into a global hub for big budget film and TV production - and enable the North East to play a leading role in our most exciting sector,” said Leo Pearlman, managing partner of Fulwell 73. ”This funding will kick start a project that will eventually bringing an annual economic boost of £336m to the North East - while also enhancing the UK’s studio capacity to help us remain globally competitive.”
Production in the north east increased 28% in 2023 on the previous year.
The north east has been a filming location for films in the Indiana Jones, Harry Potter and Transformers franchises.
No comments yet